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Australian (ASX) Banks Industry Analysis

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.6%
  • 3M4.1%
  • 1Y9.3%
  • YTD1.0%

Over the last 7 days, the Banks industry has dropped 1.6%, driven by a pullback from Westpac Banking of 1.6%. In the past year, the industry has gained 9.3%. Looking forward, earnings are forecast to grow by 5.0% annually.

Industry Valuation and Performance

Has the Australian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 30 Apr 2026AU$666.0bAU$98.1bAU$30.9b16x21.6x6.8x
Sat, 28 Mar 2026AU$684.7bAU$98.2bAU$30.9b15.7x22.1x7x
Mon, 23 Feb 2026AU$734.2bAU$98.1bAU$30.9b18.1x23.8x7.5x
Wed, 21 Jan 2026AU$640.3bAU$96.7bAU$30.3b19x21.1x6.6x
Fri, 19 Dec 2025AU$641.8bAU$96.7bAU$30.3b18.9x21.2x6.6x
Sun, 16 Nov 2025AU$646.6bAU$96.8bAU$30.3b18.4x21.3x6.7x
Tue, 14 Oct 2025AU$666.9bAU$95.6bAU$31.7b15.7x21x7x
Thu, 11 Sep 2025AU$662.6bAU$95.6bAU$31.7b15x20.9x6.9x
Sat, 09 Aug 2025AU$638.9bAU$94.5bAU$31.8b14.6x20.1x6.8x
Mon, 07 Jul 2025AU$641.5bAU$94.6bAU$31.8b15.1x20.2x6.8x
Wed, 04 Jun 2025AU$632.5bAU$94.6bAU$31.8b14.5x19.9x6.7x
Fri, 02 May 2025AU$607.6bAU$82.7bAU$28.2b13.5x21.5x7.3x
Sun, 30 Mar 2025AU$569.9bAU$93.3bAU$31.7b12.8x18x6.1x
Tue, 25 Feb 2025AU$583.3bAU$93.2bAU$31.7b13.7x18.4x6.3x
Thu, 23 Jan 2025AU$605.8bAU$92.5bAU$31.4b13.9x19.3x6.5x
Sat, 21 Dec 2024AU$572.1bAU$92.5bAU$31.4b13.3x18.2x6.2x
Mon, 18 Nov 2024AU$607.4bAU$92.5bAU$31.4b13.3x19.3x6.6x
Wed, 16 Oct 2024AU$567.8bAU$91.8bAU$31.6b12.4x18x6.2x
Fri, 13 Sep 2024AU$579.8bAU$91.9bAU$31.6b12.6x18.4x6.3x
Sun, 11 Aug 2024AU$522.8bAU$91.7bAU$31.6b11x16.5x5.7x
Tue, 09 Jul 2024AU$516.5bAU$91.7bAU$31.6b10.8x16.3x5.6x
Thu, 06 Jun 2024AU$508.8bAU$91.7bAU$31.8b10.7x16x5.6x
Sat, 04 May 2024AU$490.9bAU$92.1bAU$32.4b10.8x15.1x5.3x
Mon, 01 Apr 2024AU$502.3bAU$92.5bAU$32.7b11x15.3x5.4x
Wed, 28 Feb 2024AU$493.5bAU$92.5bAU$32.7b11.5x15.1x5.3x
Fri, 26 Jan 2024AU$468.2bAU$92.8bAU$33.2b8.3x14.1x5x
Sun, 24 Dec 2023AU$450.6bAU$92.8bAU$33.2b8x13.6x4.9x
Tue, 21 Nov 2023AU$419.5bAU$92.8bAU$33.2b7.9x12.6x4.5x
Thu, 19 Oct 2023AU$427.8bAU$91.0bAU$32.5b8x13.2x4.7x
Sat, 16 Sep 2023AU$428.7bAU$91.0bAU$32.6b8.1x13.2x4.7x
Mon, 14 Aug 2023AU$432.0bAU$90.8bAU$32.5b8.5x13.3x4.8x
Wed, 12 Jul 2023AU$407.6bAU$91.0bAU$32.4b8.3x12.6x4.5x
Fri, 09 Jun 2023AU$391.2bAU$91.0bAU$32.4b8.2x12.1x4.3x
Sun, 07 May 2023AU$404.4bAU$90.5bAU$31.7b8.2x12.8x4.5x
Price to Earnings Ratio

12.8x


Total Market Cap: AU$404.4bTotal Earnings: AU$31.7bTotal Revenue: AU$90.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Banks Industry Price to Earnings3Y Average 17.5x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 21.6x which is higher than its 3-year average PE of 17.5x.
  • The 3-year average PS ratio of 5.9x is lower than the industry's current PS ratio of 6.8x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 2.7% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market-1.67%
Financials-1.42%
Banks-1.62%
Regional Banks0.71%
Diversified Banks-1.66%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 38.8x.
    • Analysts are expecting annual earnings growth of 25.8%, which is higher than its past year's earnings decline of 38.5% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 17.5x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 38% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ANZ ANZ Group HoldingsAU$36.651.4%
+AU$1.5b		23.2%PB1.6x
CBA Commonwealth Bank of AustraliaAU$173.660.2%
+AU$468.2m		3.8%PB3.8x
BOQ Bank of QueenslandAU$6.712.4%
+AU$104.9m		-10.1%PB0.7x
BEN Bendigo and Adelaide BankAU$10.691.4%
+AU$86.8m		-5.1%PB0.9x
BFL BSP Financial GroupAU$8.341.6%
+AU$60.7m		9.0%PB2.3x

Latest News

BEN
AU$10.69
Bendigo and Adelaide Bank
7D
1.4%
1Y
-5.1%

BEN: Future Returns Will Balance Fair Pricing And Modest Profitability Adjustments

Analysts have slightly adjusted their price target for Bendigo and Adelaide Bank to A$10.82 from A$10.84, reflecting updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Valuation Changes Fair Value: A$10.84 to A$10.82, a very small downward adjustment of around 0.2%.
KSL
AU$1.28
Kina Securities
7D
2.0%
1Y
15.4%
WBC
AU$38.50
Westpac Banking
7D
-1.6%
1Y
17.3%

WBC: Higher Risk Assumptions Will Constrain Upside From Current Levels

Analysts have trimmed their Westpac Banking price target by A$0.35 to A$34.87, citing slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E. These factors collectively point to a modest recalibration of fair value rather than a major shift in the investment case.
ANZ
AU$36.65
ANZ Group Holdings
7D
1.4%
1Y
23.2%

ANZ: Mixed Broker Views And Merchant Venture Outcome Will Guide Future Balance

ANZ Group Holdings' analyst fair value estimate has shifted slightly lower to A$36.66 from A$37.07, as analysts factor in updated assumptions for discount rates, revenue growth, profit margins, and a marginally lower future P/E multiple, following mixed recent broker views including a downgrade to Neutral with an A$38.14 price target. Analyst Commentary Recent research shows a mix of optimism and caution around ANZ Group Holdings, which is feeding directly into updated fair value work and price targets.
BOQ
AU$6.71
Bank of Queensland
7D
2.4%
1Y
-10.1%
MYS
AU$4.61
MyState
7D
4.1%
1Y
16.7%

MYS: Stable Dividend Outlook Will Support Future Upside Potential

Analysts have maintained their A$5.26 price target on MyState, noting broadly stable views on fair value, discount rate, revenue growth, profit margins and future P/E assumptions. What's in the News MyState Limited declared an ordinary dividend of A$0.12 per security for the six months ended December 31, 2025, giving investors clarity on upcoming income timing (Key Developments).
NAB
AU$39.88
National Australia Bank
7D
-0.7%
1Y
10.8%
CBA
AU$173.66
Commonwealth Bank of Australia
7D
0.2%
1Y
3.8%

CBA: Premium P/E Will Be Capped By Margin And Pricing Risks

Analysts have trimmed the Commonwealth Bank of Australia fair value estimate by A$1.07 to A$142.00, reflecting refreshed assumptions around revenue growth, margins, and a slightly lower future P/E multiple. Analyst Commentary Recent research on Commonwealth Bank of Australia has centered on how updated assumptions for revenue growth, margins, and valuation multiples feed into fair value.
JDO
AU$1.43
Judo Capital Holdings
7D
3.3%
1Y
-3.7%

JDO: Future Returns Will Rely On Steady Earnings And Supportive P E Multiple

Analysts have marginally revised their fair value estimate for Judo Capital Holdings to A$1.73. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E that are broadly consistent with prior expectations.
BFL
AU$8.34
BSP Financial Group
7D
1.6%
1Y
9.0%